It’s not exactly a secret that newer drivers generally have the most expensive car insurance premiums, combine this with the youngest age of 17 and this can really add up! However, there are a few simple and perfectly legal steps younger drivers can take to lower their insurance premiums.
Select a Car In The Lowest Insurance Group
Drive a car with a powerful engine, and not only will it cost you more in purchasing/leasing fees, but it will affect your insurance policy. Opting for a more modest car is a way of getting cheaper insurance – this can be judged using the insurance group number.
Insurance groups range from 1 – 50, with those in group 1 being the cheapest.
It’s quick to make assumptions about which cars will be more expensive to insure, however if you look hard enough, you can find some absolute gems in the lower insurance groups…
Ensure The Car Is In a Safe Condition
It’s quite understandable that the insurance companies like assurance that the vehicle is as secure as possible to avoid the risk of theft.
Fit your car with an alarm, immobiliser or any other security device, and this may help towards the cost of your policy.
Like insurance groups, alarms are also categorised – the higher rated the security system, the more you could save on your premium.
Also, where will you be parking your vehicle overnight? If it’s parked on a driveway or in a garage, it may result in a saving. If it’s only parked on the street, you may not see a saving.
Add an Older & More Experienced Driver To Your Policy
Rather than having a more experienced driver add you to their insurance, which will increase their policy, it can actually work in reverse if you are the main driver and they are named.
The reasoning behind this is the insurance company will see an older & more experienced driver sharing the car, using it for some of the time, therefore it may offer a cheaper price.
Just be sure the named driver will genuinely be using the car, otherwise you may be suspected of ‘fronting’ and risk having your insurance invalidated.
Consider a Black-Box Insurance Policy
This won’t be the most popular option on the table, but it’s an inescapable fact that opting for a black-box insurance policy will result in a lower premium, making it an attractive policy for younger & newer drivers.
If you’re unsure what this entails, in a nutshell, black-box insurance works when your car is fitted with a small ‘black box’ device, roughly the size of the average smartphone. This records speed, distance & the time of day/night that you are using your car.
This information is fed back to the insurer, and will reward drivers who are shown to be safe & considerate by lowering premiums.
Granted, this may not result in a hugely lower policy, but show you’re a safe & considerate driver, and your next policy might just be significantly cheaper!
Consider Increasing Your Excess
Any driver when applying for car insurance quotes will be asked to select their voluntary excess – meaning the amount you are happy to pay towards repairs, should you need to make a claim.
If you select a voluntary excess of £100, your premium will be higher than if you select an excess of £300. Just be sure the funds are available for you to pay out should you be required to do so!
Purchase Your Insurance 3 Weeks Before The Start Date
This applies to drivers of all ages & experience – research has shown the best time to apply for your insurance is 3 weeks. The algorithm determines this means you’re organised but not overly keen, therefore seeing you as less of a risk.
Give it a try, you might just be surprised!
Select an Annual Payment If You Can
Now granted, this would mean a rather substantial payment in one go, but over the period of one year you won’t be charged any interest, resulting in a lower premium.
If for example your premium comes to £900, paying this in one go rather than opting for 12 monthly payments will mean you will pay exactly £900, rather than 12 x £75, plus the interest rates.
So it’s worth getting this amount together before you look at buying a policy!